In Europe’s comforting crisis narrative, the financial crash of 2008 was imported from the US, a land of reckless alpha bankers and subprime borrowers as ignorant as the former Republican president.
The myth of the dumb and dangerous Other across the ocean served a transparent purpose in the elite European project of building a common, supranational identity.
Alas for Europe, no myth can displace political and economic realities for long. Today’s reality is that the financial crash, whatever its origins, is stirring a potentially far-reaching crisis of legitimacy in Europe’s political system.
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